Facebook’s Libra to seek Swiss payment licence

The Libra Association hopes to secure a licence as a payment system from the Swiss Financial Market Supervisory Authority

By

Ryan Weeks

Updated: September 11, 2019 10:38 am GMT

The association governing Facebook’s new cryptocurrency Libra has announced it will seek a payment licence from Swiss regulators, after months of regulatory backlash following the project’s unveiling on June 18.

The Libra Association, a Geneva-based group of 28 influential companies backing the project, will seek authorisation from the Swiss Financial Market Supervisory Authority (Finma).